After Hours Report

Updated: 06-Aug-24 17:10 ET
Airbnb journeying significantly lower on slowing demand from U.S. guests weighing on Q3 guidance

Stocks staged a recovery after yesterday's sharp declines. The major indices turned slightly lower ahead of the close, but still logged gains ranging from 0.8% to 1.2%. These gains are relatively muted compared to the declines registered yesterday. 

The Dow Jones Industrial Average slumped more than 1,000 points yesterday and won back nearly 300 points today. The S&P 500 settled today's session nearly 100 points lower than Friday's close.

Yesterday's retreat in equities was partially due to the yen's rapid strengthening against the dollar, which precipitated the plunge in Japan's Nikkei. The yen weakened slightly against the dollar today, acting as support for US equities and helping drive a 10% move higher in the Nikkei. The USD/JPY pair trade is +0.3% to 144.72.

Also, the CBOE Volatility Index, which spiked above 65.00 yesterday before returning to the 35.00 area, pulled back to 27.71 today.

Positive responses to earnings news from Uber (UBER 64.87, +6.39, +10.9%), Caterpillar (CAT 326.44, +9.64, +3.0%), and others aided the upside bias, along with the observation from San Francisco Fed President Daly (FOMC voter) that policy adjustments will be necessary in the coming quarter.

Treasuries retreated after the recent drop in market rates, which acted as additional support for equities, despite today's $58 billion 3-yr note auction meeting solid demand. The 10-yr note yield jumped ten basis points to 3.89% and the 2-yr note yield settled ten basis points higher at 3.98%.

With today's action, the 10-yr yield is 25 basis points lower than last Tuesday's settlement. The 2-yr yield is 38 basis points lower than its level one week ago.

  • S&P 500: +9.9% YTD
  • Nasdaq Composite:+9.0% YTD
  • S&P Midcap 400: +4.2% YTD
  • Dow Jones Industrial Average: +3.5% YTD
  • Russell 2000: +1.8% YTD

Reviewing today's economic data:

  • June Trade Balance -$73.1 bln (Briefing.com consensus -$72.8 bln); Prior was revised to -$75.0 bln from -$75.1 bln
    • The key takeaway from the report, though, is that both exports and imports increased in June, which is a constructive trade dynamic for the global economy.

Market participants receive the following economic data on Wednesday: 

  • 7:00 ET: Weekly MBA Mortgage Index (prior -3.9%)
  • 10:30 ET: Weekly crude oil inventories (prior -3.44 mln)
  • 15:00 ET: June Consumer Credit (Briefing.com consensus $10.0 bln; prior $11.3 bln)

Overseas:

  • Europe: DAX -0.1%, TSE +0.2%, CAC -0.3%
  • Asia: Nikkei +10.2%, Hang Seng -0.3%, Shanghai +0.2%

Commodities:

  • Crude Oil +0.06 @ 73.14
  • Nat Gas +0.08 @ 2.02
  • Gold -7.40 @ 2432.80
  • Silver +0.06 @ 27.26
  • Copper +0.05 @ 4.04

After-Hours Spotlight:

  • Airbnb (ABNB) misses by $0.05, reports revs in-line; guides Q3 revs in-line; expects sequential moderation in bookings growth in Q3; slowing demand from U.S. guests... ABNB down 13.6%
  • Cirrus Logic (CRUS) beats by $0.51, beats on revs; guides SepQ revs above consensus... CRUS up 11.9%
  • Flywire (FLYW) misses by $0.01, beats on revs; guides Q3 revs in-line; guides FY24 revs in-line; acquired Invoiced, a SaaS platform that enables B2B finance teams and the “Office of the CFO” to automate the critical order-to-cash process... FLYW down 12.8%
  • Fortinet (FTNT) beats by $0.16, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs above consensus... FTNT up 14.7%
  • Inogen (INGN) beats by $0.31, beats on revs; guides FY24 revs above consensus... INGN up 28.8%
  • Instacart (CART) reports Q2 (Jun) results, beats on revs, sees Q3 GTV growth of 8-10%... CART up 7.4%
  • Lumen Technologies (LUMN) misses by $0.07, reports revs in-line... LUMN up 70.8%
  • Reddit (RDDT) beats by $0.26, beats on revs; guides Q3 revs above consensus... RDDT down 3.2%
  • Rivian Automotive (RIVN) misses by $0.22, reports revs in-line... RIVN down 2.4%
  • Stem (STEM) reports Q2 (Jun) results, misses on revs; guides FY24 revs below consensus; names new CFO... STEM down 42.6%
  • Super Micro Computer (SMCI) misses by $1.87, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY25 revs above consensus; announces 10-for-1 stock split... SMCI down 7.2%
  • Trex (TREX) beats by $0.02, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus... TREX down 13.0%
  • Upstart (UPST) beats by $0.22, beats on revs; guides Q3 revs above consensus... UPST up 17.5%
  • V.F. Corp (VFC) beats by $0.04, beats on revs... VFC up 5.3%

Fair Value for Wednesday, August 7:

  • S&P 500: 5,268
  • Nasdaq 100: 18,190
  • DJIA: 39,143
Today's News Summary:

For a full rundown of today's market and after hours developments, see Live In Play

  • Earnings/Guidance (Full Earnings Calendar):
    • Acushnet (GOLF) misses by $0.09, misses on revs; guides FY24 revs in-line
    • ADTRAN (ADTN) on conference call sees Q3 revs $215-235 mln vs $238.75 mln FactSet Consensus
    • Aecom Tech (ACM) beats by $0.04, reports revs; guides FY24 EPS above consensus
    • Alight (ALIT) reports Q2 (Jun) results, Stephan Scholl will step down as CEO following sale of its Payroll & Professional Services business
    • Ameresco (AMRC) misses by $0.16, beats on revs
    • AngloGold Ashanti (AU) reports H1 results; delivers free cash flow $206m; Interim Dividend +450% yr/yr; Total cash costs per ounce -1% y-o-y; FY2024 guidance reaffirmed
    • Atkore International (ATKR) misses by $0.19, reports revs in-line; guides FY24 EPS below consensus
    • Atlas Energy Solutions (AESI) reports Q2 (Jun) results, beats on revs; names Chris Scholla as COO; also increases dividend; Co to move away from the base plus variable dividend structure to a standalone base dividend
    • Avient (AVNT) beats by $0.04, beats on revs; raises FY24 EPS guidance
    • Baxter (BAX) beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY24 guidance
    • Bayer (BAYRY) reports Q2 results; reaffirms FY24 outlook
    • BellRing Brands (BRBR) beats by $0.10, beats on revs; guides FY24 revs in-line
    • BioMarin Pharmaceutical (BMRN) reports EPS in-line, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • Bloomin' Brands (BLMN) misses by $0.07, reports revs in-line; guides Q3 EPS below consensus; guides FY24 EPS above consensus
    • Boise Cascade (BCC) beats by $0.16, beats on revs
    • Bowhead Specialty Holdings (BOW) beats by $0.03, beats on revs
    • Bruker (BRKR) beats by $0.01, reports revs in-line; guides FY24 EPS in-line, revs in-line
    • BWX Technologies (BWXT) beats by $0.08, beats on revs; guides FY24 EPS in-line, revs in-line
    • Cabot (CBT) beats by $0.20, beats on revs; guides FY24 EPS above consensus
    • Caterpillar (CAT) beats by $0.43, misses on revs
    • Celsius (CELH) beats by $0.05, beats on revs
    • Chegg (CHGG) beats by $0.01, beats on revs; guides Q3 revs below consensus
    • Cogent Biosciences (COGT) misses by $0.03
    • CSX (CSX) beats by $0.01, reports revs in-line
    • Definitive Healthcare (DH) reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus; reaffirms FY24 EPS guidance, revs guidance
    • Diamondback Energy (FANG) beats by $0.02, beats on revs
    • Duke Energy (DUK) beats by $0.16, beats on revs; reaffirms FY24 EPS guidance
    • Edgewell Personal Care (EPC) beats by $0.21, reports revs in-line; guides FY24 EPS above consensus, lowers organic net sales growth guidance
    • Encompass Health (EHC) beats by $0.10, reports revs in-line; raises FY24 EPS and revenue guidance
    • Energizer (EGR) beats by $0.10, reports revs in-line; guides Q4 EPS in-line
    • EverQuote (EVER) beats by $0.14, beats on revs; guides Q3 revs above consensus
    • Evotec SE (EVO)  expects Group FY24 revenues in the range of EUR 790 – 820 mln vs. EUR 866.4 mln FactSet consensus
    • Expeditors Intl (EXPD) misses by $0.02, beats on revs
    • Fox Corporation (FOXA) beats by $0.08, reports revs in-line; increases semi-annual dividend
    • GlobalFoundries (GFS) beats by $0.09, beats on revs
    • GXO Logistics (GXO) reports EPS in-line, beats on revs; guides FY24 EPS in-line
    • Hagerty (HGTY) beats by $0.01, beats on revs; guides FY24 revs above consensus
    • Harmony Biosciences (HRMY) beats by $1.05, reports revs in-line
    • Helios Technologies (HLIO) beats by $0.03, beats on revs; lowers FY24 EPS mostly below consensus, revs below consensus
    • Henry Schein (HSIC) beats by $0.01, misses on revs; lowers FY24 EPS and revenue guidance, also announces restructuring plan, targeting $75-$100 mln in annual run-rate savings
    • Hillman Solutions Corp. (HLMN) beats by $0.02, misses on revs; guides FY24 revs below consensus
    • Hims & Hers Health (HIMS) beats by $0.02, beats on revs; guides Q3 revs above consensus; raises FY24 revs outlook
    • Huntsman (HUN) reports EPS in-line, misses on revs
    • Hyatt Hotels (H) beats by $0.56
    • Ingredion (INGR) beats by $0.37, misses on revs; guides Q3 revs above consensus; raises FY24 EPS above consensus
    • Innovative Industrial Properties (IIPR) beats by $0.06, beats on revs
    • Intercontinental Hotels Group (IHG) reports H1 results
    • J&J Snack Foods (JJSF) misses by $0.01, reports revs in-line
    • JELD-WEN (JELD) beats by $0.07, misses on revs; reaffirms FY24 revs and adjusted EBITDA guidance, but says both metrics are trending towards low end of range due to increasing macro weakness
    • Kemper (KMPR) beats by $0.14, beats on revs
    • Kenvue (KVUE) beats by $0.04, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Lucid Group (LCID) misses by $0.02, beats on revs
    • MarketAxess (MKTX) beats by $0.04, reports revs in-line, Increases share repurchase authorization to $250 mln
    • Materion (MTRN) beats by $0.03, reports revs in-line; guides FY24 EPS in-line
    • Molson Coors Brewing (TAP) beats by $0.24, beats on revs; guides FY24 EPS above consensus
    • MoneyLion (ML) beats by $0.15, beats on revs; guides Q3 revs in-line; guides FY24 revs above consensus
    • Mueller Water (MWA) beats by $0.10, beats on revs; guides FY24 revs above consensus
    • nVent Electric (NVT) reports EPS in-line, misses on revs; guides Q3 EPS below consensus, revs above consensus; narrows FY24 EPS guidance; raises FY24 revenue guidance
    • ONEOK (OKE) beats by $0.12
    • Owens Corning (OC) beats by $0.29, misses on revs; provides Q3 guidance
    • Palantir Technologies (PLTR) beats by $0.01, beats on revs; guides Q3 revs above consensus; guides FY24 revs above consensus
    • Pediatrix Medical Group (MD) beats by $0.03, reports revs in-line; reaffirms outlook; announces CFO transition
    • Planet Fitness (PLNT) beats by $0.05, beats on revs; reaffirms FY24 revs guidance
    • Playa Hotels & Resorts (PLYA) beats by $0.02, beats on revs
    • Portillo's (PTLO) misses by $0.01, misses slightly on revs
    • PRA Group (PRAA) beats by $0.46, beats on revs
    • Primoris Services (PRIM) beats by $0.18, beats on revs; guides FY24 EPS above consensus
    • Quaker Chemical (KWR) misses by $0.08, misses on revs
    • Realty Income (O) beats by $0.01, beats on revs; reaffirms FY24 FFO guidance
    • RxSight (RXST) beats by $0.06, beats on revs; guides FY24 revs above consensus
    • Sempra Energy (SRE) misses by $0.04, misses on revs; reaffirms FY24 EPS guidance; reaffirms FY25 EPS guidance; maintains long-term EPS growth forecast
    • SEMRush (SEMR) reports Q2 results, beats on revs; guides Q3 revs and FY24 revs above consensus
    • Skyward Specialty Insurance Group (SKWD) beats by $0.15
    • Simon Properties (SPG) misses by $0.05, beats on revs; guides FY24 FFO in-line
    • Southwest Gas (SWX) misses by $0.23, misses on revs (two ests)
    • Spirit Aerosystems (SPR) misses by $1.81, misses on revs; provides 737 program update
    • Sterling Infrastructure (STRL) beats by $0.25, beats on revs; guides FY24 EPS above consensus
    • Summit Materials (SUM) beats by $0.05, misses on revs
    • Tempur Sealy Int'l (TPX) misses by $0.01, misses on revs; guides FY24 EPS below consensus
    • Teradata (TDC) beats by $0.16, misses on revs; guides Q3 EPS above consensus; guides FY24 EPS above consensus; to reduce ~9-10% of global workforce
    • TPG Inc. (TPG) beats by $0.06
    • Trimble (TRMB) beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs in-line; raises FY24 guidance
    • Uber (UBER) beats by $0.16, beats on revs, gross bookings increased 19% yr/yr; Guides forQ3 adjusted EBITDA of $1.58-$1.68 bln
    • Vimeo (VMEO) beats by $0.05, beats on revs; guides Q3 revs in-line; guides FY24 revs above consensus
    • Vista Outdoor (VSTO) misses by $0.03, misses on revs; reaffirms FY25 EPS guidance, revs guidance; continues to explore a full range of alternatives for Revelyst and other strategic alternatives
    • Vornado Rlty Trust (VNO) beats by $0.03, beats on revs
    • Vulcan Materials (VMC) misses by $0.12, misses on revs
    • Westlake Corporation (WLK) beats by $0.41, reports revs in-line
    • Williams Cos (WMB) beats by $0.05, misses on revs, continues to expect Adjusted EBITDA at the top half of its 2024 guidance range
    • WK Kellogg Co (KLG) misses by $0.06, reports revs in-line; expects to land at low end of FY24 sales growth outlook
    • Yum! Brands (YUM) beats by $0.02, worldwide system sales grew 3%
    • Yum China (YUMC) beats by $0.08, misses on revs; reiterates FY24 targets
    • Zoetis (ZTS) beats by $0.07, beats on revs; guides FY24 EPS above consensus, revs in-line
    • ZoomInfo (ZI) misses by $0.07, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY24 EPS below consensus, revs below consensus
  • General News
    • Vice President Kamala Harris is expected to announce her running mate today, according to the New York Times
    • Several US personnel were injured following rocket attack in Iraq, according to CNN
    • Tropical Storm Debby poses flooding threat to southeastern US
    • EPA issues order suspending the registrations of all pesticide products containing dimethyl tetrachloroterephthalate
    • Vice President Kamala Harris chooses Minnesota Governor Tim Walz as her running mate, according to CNN
    • US Department of Energy announces new solicitations to purchase oil for strategic petroleum reserve
    • 10x Genomics (TXG) announces its involvement in TenK10K, a large-scale, multi-year study led by the Garvan Institute of Medical Research
    • Abivax SA (ABVX) reports ABTECT Phase 3 trial achieves key enrollment milestone
    • AGCO Corp (AGCO) shareholder is actively exploring options, including a consent solicitation to remove and replace certain members of the Board
    • Alphabet (GOOG) issues statement on X regarding Court's finding in DoJ case regarding its Search business, stating that while it appreciates finding that Google is "highest quality search engine", it plans to appeal ruling
    • Alphabet (GOOG) antitrust ruling could help Apple's (AAPL) defensive arguments in its case, according to Reuters
    • Amazon (AMZN) NBA deal included provisions that Warner Brothers Discovery (WBD) could not match, according to WSJ
    • Autodesk (ADSK): Starboard Value LP releases a presentation that details the urgent need to improve the Company’s lagging governance, operations, and financial performance
    • BAE Systems (BAESY) awarded a $48 million contract from the Air Force Research Laboratory to further advance the Insight system
    • Baxter (BAX) issues voluntary nationwide recall of one lot of Heparin sodium 0.9% sodium chloride injection due to potential for elevated endotoxin levels
    • Blend Labs (BLND) announces a new partnership with Astra to enhance the digital onboarding experience for consumers looking to quickly and seamlessly fund their new deposit account
    • Boeing (BA) execs testify at NTSB hearing about panel blowout, according to Reuters
    • Boeing (BA): NTSB conducting hearing on Alaska Airlines (ALK) door blow out incident involving a 737-9 MAX; co execs want 737 Max production to increase to 38/month, but currently in the 20-29 range
    • Builders FirstSource (BLDR) announces that its Board of Directors authorized the repurchase of up to $1.0 bln of the Company’s outstanding shares of common stock
    • Cboe Global Markets (CBOE) reports trading volume for July 2024
    • Cibus Global (CBUS) has "positive" initial field trial results of a novel weed management solution for rice farmers
    • Clarivate (CLVT) appointed Matti Shem Tov, former CEO of ProQuest, as the Company's next CEO, effective August 9, 2024
    • Corebridge Financial (CRBG) entered into a Share Repurchase Agreement with American International Group (AIG)
    • Duke Energy (DUK): U.S. Department of Energy awards Duke Energy project $57 million in cost-share funding to enhance North Carolina's energy grid
    • Edgewell Personal Care (EPC) announces key changes to its executive leadership team, including the appointments of a Chief Operating Officer and a new Chief Financial Officer
    • Eisai (ESAIY) provides update Regarding the regulatory status of LEQEMBI subcutaneous formulation
    • Elbit Systems (ESLT) receives $270 mln contract to supply rocket artillery for an international customer
    • Entravision (EVC) announces the renewal of its longstanding partnership with the National Football League through a new three-year radio and audio streaming deal
    • Fortinet (FTNT) has acquired Next DLP, financial terms were not disclosed
    • GlaxoSmithKline (GSK) issues statement on Zantac (ranitidine) litigation
    • Grupo Aeroportuario del Pacifico (PAC) reports July traffic decreased 5.6% yr/yr
    • H & R Block (HRB) names Tiffany Mason as next CFO, effective September 13; she will succeed ony Bowen, who announced his retirement earlier this year
    • HashiCorp (HCP) and IBM each received a notification from the Competition and Markets Authority of the UK that the CMA intends to begin a Phase I review of the Merger
    • Hut 8 Mining (HUT) announces that Sean Glennan will become the Company’s new Chief Financial Officer, effective August 21, 2024
    • ImmunityBio (IBRX) announces the opening of a clinical trial to study ANKTIVA together with the investigational AdHER2DC vaccine, in individuals with HER2-expressing endometrial cancer
    • InfuSystem (INFU) announces a three-year distribution agreement with Smith+Nephew (SNN) for its innovative negative pressure wound therapy system and supplies
    • Instacart (CART) and ALDI SOUTH Group will expand their partnership globally
    • Intel (INTC) foundry achieves major milestones
    • Intercontinental Exchange (ICE) and MarketAxess Holdings Inc. (MKTX) announce plans to connect their respective liquidity networks to bring greater efficiency and access to deeper liquidity in fixed income markets to the institutional and wealth management spaces
    • IonQ (IONQ) has won a contract through a competitive solicitation with the Applied Research Laboratory for Intelligence and Security to design a first-of-its-kind, networked quantum computing system for the Department of Defense and U.S. Intelligence Community
    • JetBlue Airways (JBLU) held discussions with lenders regarding $2.75 bln debt offering, according to Bloomberg
    • KBR (KBR) announces that Avina Clean Hydrogen has selected the sustainable aviation fuel technology, PureSAF, for its project in the US
    • KKR (KKR) and Körber announce the strategic acquisition of MercuryGate to strengthen their supply chain software business; financial terms were not disclosed
    • Lucid Group (LCID) announces public investment fund commitment of $1.5 billion
    • Lumen Technologies (LUMN) secures $5 billion in new business driven by major demand for connectivity fueled by AI
    • Microsoft (MSFT) also says Delta (DAL) did not accept assistance during IT outage, according to reports
    • NASDAQ (NDAQ) reports July volumes
    • New Oriental Education & Technology (EDU) upsizes share repurchase program
    • NextNav (NN): FCC takes important step towards new band plan and creation of complement and backup to GPS
    • Netflix (NFLX) wants to decrease advertising pricing, according to AdWeek
    • NVIDIA (NVDA): Eliott Management believes Nvidia is in a "bubble", according to Financial Times
    • Omnicom (OMC): The Volkswagen (VWAGY) brand has extended their global creative contract with Omnicom's DDB for another three years which has been Volkswagen's creative agency for over six decades
    • Pacific Biosciences (PACB) announces that Precision Health Research, Singapore has chosen the Revio HiFi sequencing system for its Long-Read Sequencing Flagship Project
    • Palomar Holdings (PLMR) on conference call says termination of Omaha National contract will impact its fronting segment's growth over the next several quarters
    • Paramount Global (PARA): Sony (SONY) not planning another bid, according to Nikkei
    • Rocket Lab USA (RKLB) introduces its next generation satellite separation system, the Advanced Satellite Dispenser
    • Royal Caribbean (RCL) has entered into exchange agreements with a limited number of existing holders of its 6.000% Convertible Senior Notes due 2025 in exchange for a combination of cash and shares of the Company's common stock
    • Rumble (RUM) has joined the social media platform X to file antitrust lawsuits alleging a conspiracy to withhold advertising revenue from Rumble and other digital media platforms
    • Samsung (SSNLF) has begun mass production for the industry’s thinnest 12 nanometer (nm)-class, 12-gigabyte and 16GB LPDDR5X DRAM packages, solidifying its leadership in the low-power DRAM market
    • Samsung (SSNLF): China companies are stockpiling Samsung chips, according to Reuters
    • Seres Therapeutics (MCRB) signed an agreement with Société des Produits Nestlé S.A for the sale of its VOWST business to Nestlé Health Science
    • Southwest Air (LUV): Elliott Investment Management discloses active stake
    • SolarMax Technology (SMXT) announces its plan to expand its business in the U.S. market, dedicated to leading the revolution with innovative smart solar systems
    • Teleflex (TFX) entered into an accelerated share repurchase program on Aug 2 to repurchase an aggregate of $200 million of the Company’s common stock
    • Tesla (TSLA): Former President Trump says Tesla Cybertruck is "incredible", according to the New York Times
    • TriplePoint Venture Growth (TPVG) appointed Matthew A. Galiani to serve as interim Chief Financial Officer of the Company, effective as of the close of business on August 9, 2024
    • Triumph Group (TGI) announces that its Actuation Products & Services business extended their repair and technical support agreement with Lockheed Martin (LMT) as part of the F-35 Joint Strike Fighter fleet readiness support
    • TSMC (TSM) aiming to increase prices for 5nm and 3nm process manufacturing, according to Digitimes
    • Varonis (VRNS) announces AI-powered data discovery and classification
    • Volaris Aviation (VLRS) reports July 2024 Traffic Results: 90% Load Factor
    • Walgreens Boots Alliance (WBA) announces a new collaboration with Instacart (CART) to offer online SNAP/EBT payment acceptance at more than 7,500 Walgreens stores nationwide, including over 100 Duane Reade locations in New York
    • Walt Disney's (DIS) Disney+ to introduce continuous playlists in U.S. beginning on September 4; announces price increases
    • Warner Brothers Discovery (WBD) execs want to avoid breakup, according to Financial Times
    • Yum China (YUMC) announces that Andy Yeung, who has served as the Company's Chief Financial Officer since October 2019, intends to resign as the Company's Chief Financial Officer for personal reasons
    • Ziff Davis (ZD) to acquire CNET
    • ZoomInfo (ZI) appoints Graham O’Brien as the interim CFO, beginning September 6; Cameron Hyzer will transition to serve in an advisory capacity until October 7, 2024 to facilitate a seamless transition; also announces the appointment of Domenic Maida and Owen Wurzbacher to its Board of Directors, effective August 6, 2024

Ratings Changes (see Upgrades/Downgrades calendar for full list):

  • Upgrades:
    • Apollo Global Management (APO) upgraded to Buy from Neutral at BofA Securities; tgt $123
    • argenx (ARGX) upgraded to Overweight from Equal Weight at Barclays
    • Axsome Therapeutics (AXSM) upgraded to Buy from Neutral at BofA Securities; tgt raised to $106
    • Cadence Design (CDNS) upgraded to Overweight from Neutral at Piper Sandler; tgt $318
    • Criteo (CRTO) upgraded to Buy from Neutral at DA Davidson; tgt raised to $58
    • CrowdStrike (CRWD) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $290
    • Lionsgate Studios (LION) upgraded to Buy from Neutral at Seaport Research Partners; tgt $12
    • Lucid Group (LCID) upgraded to Neutral from Underweight at Cantor Fitzgerald; tgt $4
    • Lumen Technologies (LUMN) upgraded to Neutral from Sell at Citigroup; tgt raised to $3.15
    • Sonic Automotive (SAH) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $63
  • Downgrades:
    • Akoya Biosciences (AKYA) downgraded to Neutral from Overweight at JP Morgan
    • Akoya Biosciences (AKYA) downgraded to Neutral from Buy at BTIG Research
    • American Electric (AEP) downgraded to Underperform from Neutral at BofA Securities; tgt raised to $97
    • Carlyle Group (CG) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $44
    • Haleon plc (HLN) downgraded to Neutral from Buy at Goldman
    • PLAYSTUDIOS (MYPS) downgraded to Hold from Buy at The Benchmark Company
    • Teradata (TDC) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
    • ZoomInfo (ZI) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $8
    • ZoomInfo (ZI) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $9.50
    • ZoomInfo (ZI) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • ZoomInfo (ZI) downgraded to Mkt Perform from Outperform at Raymond James
  • Others:
    • Aspen Aerogels (ASPN) initiated with am Overweight at Barclays; tgt $27
    • Cartesian Therapeutics (RNAC) initiated with a Buy at TD Cowen
    • Eastern Bankshares (EBC) resumed with a Neutral at JP Morgan; tgt raised to $18.50
    • GE HealthCare (GEHC) initiated with a Buy at Stifel; tgt $100
    • Haleon plc (HLN) initiated with a Buy at Berenberg
    • Realty Income (O) resumed with an Equal-Weight at Morgan Stanley; tgt $62
    • Six Flags Entertainment (FUN) initiated with an Underweight at JP Morgan; tgt $50
  • Econ Data (Wednesday):
    • 7:00 ET: Weekly MBA Mortgage Index (prior -3.9%)
    • 10:30 ET: Weekly crude oil inventories (prior -3.44 mln)
    • 15:00 ET: June Consumer Credit (Briefing.com consensus $10.0 bln; prior $11.3 bln)
  • Treasury Auctions:
    • 13:00 ET: $42 bln 10-yr Treasury note auction results
  • Earnings:
    • Monday (Aug 5)
      • Pre-Market: AMR BCRX BNTX CG FRPT KRYS SAH SHC THS TSN
      • After-Hours: ADUS ADTN ACM AMRC AHR AESI CAR BRBR BMRN BCC BWXT CBT CSWC CHGG CSX DH FANG EHC WTRG EVER FNF GBDC HLIO HPK HIMS HUN IIPR JJSF JRVR JELD KMPR LCID MTRN MWA NSA NVTS OGS OKE OTTR PLTR PLMR PLYA PRAA PRIM KWR O RXST SPG SKWD SPR SUM TDC AAN TBI UIS VMEO VNOM VSTO VNO WMB YUMC ZI
    • Tuesday (Aug 6)
      • Pre-Market: GOLF AHCO ADNT ALIT ANIP ARMK ATI ATKR AVNT BAX BSY BLMN BR BRKR BLDR CAT CELH CLVT YOU CEG DK DUK EPC ENR NPO EXPD FIS FWRG FOXA FUBO GENI GFS GPRE GXO HLNE HRMY HSIC HLMN H ICHR IDXX INGR J JLL KVUE KNF LCII MPC MKTX TAP ML MPLX VYX NJR NOVT NVT OLPX OGN OC MD PLNT PTLO RYTM SRE SSTK SWX STWD STVN SGRY TPX TWKS BLD TPG TDG TRMB UBER VVX VMC WLK KLG YUM ZTS
      • After-Hours: ABCL ACAD ATGE AGL ABNB AIN AFG AWR AMGN ANDE AAOI ALTM ASH AZPN AIZ ALAB AXON AZTA BGS BL CRC CERT CRUS CPNG CYRX DVA DVN ESTA EVCM EXEL FLYW FTNT FSK GMED GPRO LOPE GO GPOR HALO HL IAC ILMN IOSP INGN INSP CART IPAR IFF IRBT JACK LGND LUMN LAZR MASI MTTR MOS MRC MYGN NHI NVRO OSUR ORA OUT PR POWI PGNY QLYS RPD RDDT RDFN RLAY RVLV RIVN SHLS SKY STEM STE LRN RUN SMCI SUPN BWIN TDW TOST COOK TMCI TREX TRIP UPST VFC VECO VCYT VTEX WYNN
    • Wednesday (Aug 7)
      • Pre-Market: AMCR ASTE AVA BCO CEVA CRL CNDT CSGS CVS DIN DNOW DT EDIT EMR ENOV EXTR GEO GPN GOGO GFF HLT HLLY IMXI INSW ITCI JBI KMT KRNT KYMR LPX LYFT MDGL EYE NYT NI NOMD ODP OGE OSCR PAYO PACB PLTK RCM RDNT RL REYN ROK RXO SHOP SMRT SWTX SUN SHO SGHC SONY TBLA TH TECH TGNA TGI PRKS VVV VERX VSH DIS WMG WIX WWW ZBH
      • After-Hours: EGHT ACVA ASLE ALLO AOSL DOX APP AHH AGO ASTH ATO BBDC BYND BLNK BOOT BHF BMBL CACI CDLX CENT CF CHRD CLNE CDE CPA CXW CPAY CXT CW DGII APPS DBRG DLB DUOL BROS ECPG ET ENS NVST EQIX ESE FSLY FLNC FWRD GNK GH HCAT HI HMN HUBS HPP ICUI IONQ JXN JAMF FROG JOBY KW KNTK KVYO KTOS KLIC LZ LESL LNW RAMP MGNI MTW MNKD MRO MRVI MMS MCK MKSI MODV MNST MQ NVEE OXY ODD KAR PETQ PRI METC RYN RVMD HOOD ROOT RGLD SBRA SRPT SBGI SITM STR SM SEDG SONO STAA STKL TALO MODG UGI UPWK VSAT VTLE VZIO WBD WTS WAY WES ZD ZG ZIP
    • Thursday (Aug 8)
      • Pre-Market: WMS COLD FOLD AVT CARS LNG CHH CCOI COMM CYBR DDOG DCO LLY ERJ EDR EPAN ELAN FA ULCC GERN GDRX GTN HAE HBI HGV HIMX INSM IRWD KOP DNUT LAMR LFST MLM MDU MFA MUR NABL NXST NVMI NVAX NRG PZZA PAR PRFT PH PENN PLL PLUG PBH PRVA ROIV SBH SRRK SEE SN FOUR SPB TGLS TNC TKO UAA USFD VTRS VITL WD WOW WRBY XMTR XPEL YETI
      • After-Hours: TXG ATSG AKAM ALRM AMN AMPL ARLO ARRY ARWR AVPT BE CNNE CPRI CARG CPK CLSK COLL CEIX CRNX LAW CYTK DOCN DIOD DEI DOCS DBX DXC ELF EVH EXPE FIGS FIVN FNKO G GILD GDOT INDI PODD IOVA MERC MLNK MTUS NTRA NWSA NUS ONTO LPRO PARA PAY PBI PRA PUBM PTCT QNST RXT RPAY RCUS REZI RKLB SVV SSP SOLV SOUN STEP SG SYNA TTWO TTGT SKIN TTD TRUP TTEC U VRRM VIAV WEST YELP
    • Friday (Aug 9)
      • Pre-Market: AMCX AXL BRY ROAD EMBC EVRG FREY LEGN NFE SLVM VCTR
      • After-Hours: GETY HE
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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